Financial Performance - Net income for the six months ended June 30, 2024, was $160.3 million, compared to $147.9 million for the same period in 2023, representing an increase of 8.1%[10] - Consolidated net income for Q2 2024 was $160.3 million, an increase from $147.9 million in Q2 2023[51] - Net income attributable to Hess Midstream LP was $49.5 million, resulting in a basic earnings per Class A share of $0.59, compared to $0.50 in Q2 2023[51] - Net income attributable to Hess Midstream LP for the three months ended June 30, 2024, was $41.3 million, compared to $49.5 million in the same period of 2023, reflecting a decrease of 16.4%[63] Revenue Growth - Total revenues for the first six months of 2024 reached $721.1 million, up from $629.0 million in the same period of 2023, representing a 14.6% increase[21] - Total revenues for the three months ended June 30, 2024, were $174.5 million, up from $122.8 million in the same period last year[43] - Total revenues for the three months ended June 30, 2024, were $365.5 million, an increase from $358.5 million in the same period of 2023[63] - Total affiliate services revenue increased to $707.9 million in the first six months of 2024, compared to $625.3 million in 2023, reflecting a growth of 13.2%[21] - Total affiliate services revenue for the first half of 2024 was $707.9 million, compared to $625.3 million for the same period in 2023, indicating a growth of about 13.2%[21] - Total revenues from contracts with customers increased to $364.6 million in Q2 2024, up from $323.5 million in Q2 2023, representing a year-over-year growth of approximately 12.0%[21] Assets and Liabilities - Total assets increased to $4,050.1 million as of June 30, 2024, up from $3,789.5 million at December 31, 2023, representing a growth of 6.9%[4] - Total liabilities increased to $3,647.5 million from $3,426.3 million, reflecting a rise of 6.4%[5] - The carrying value of total debt as of June 30, 2024, was $3,460.3 million, with a fair value of approximately $3,397.8 million[31] - Deferred tax assets increased to $501.6 million as of June 30, 2024, from $324.4 million at December 31, 2023, indicating a growth of 54.6%[4] Shareholder Activities - Class A shares outstanding increased to 91,421,383 as of June 30, 2024, compared to 68,367,647 shares at December 31, 2023, marking a growth of 33.7%[5] - The company declared a distribution of $0.6516 per Class A share for the first quarter of 2024, an increase from $0.6343 in the fourth quarter of 2023[33] - The company increased its quarterly distribution level per Class A share significantly above the target of at least 5% growth in annual distributions through 2026[50] - The company paid higher distributions to shareholders and noncontrolling interests amounting to $14.3 million in the first six months of 2024[87] Expenses and Costs - Operating and maintenance expenses for the first six months of 2024 totaled $46.6 million, compared to $45.1 million in the same period of 2023, indicating a slight increase of 3.3%[26] - Total operating costs and expenses for the three months ended June 30, 2024, were $143.2 million, compared to $135.0 million in the same period of 2023[63] - Operating and maintenance expenses rose by $7.0 million in Q2 2024, primarily due to higher pass-through costs and maintenance activities[65] - Interest expense increased by $5.9 million in Q2 2024, largely due to the issuance of $600.0 million in fixed-rate senior unsecured notes[69] Cash Flow and Investments - Net cash provided by operating activities reached $271.6 million for the quarter[51] - Net cash provided by operating activities increased by $53.6 million for the six months ended June 30, 2024, compared to the same period in 2023[86] - Net cash used in investing activities increased by $11.4 million for the six months ended June 30, 2024, compared to the same period in 2023, primarily due to higher payments for property, plant, and equipment related to compression capacity expansion[87] - Net cash used in financing activities decreased by $52.1 million for the six months ended June 30, 2024, compared to the same period in 2023[87] Agreements and Contracts - The company has long-term commercial agreements with Hess, with minimum volume commitments set at 80% of Hess' nominations over a three-year rolling basis[18] - The company entered into a gas processing agreement with Little Missouri 4, with processing fees incurred amounting to $15.4 million for the first six months of 2024, compared to $10.8 million in 2023[27] - The company exercised renewal options to extend commercial agreements with Hess for an additional 10-year term effective January 1, 2024[18] Accounting and Reporting Changes - The company adopted new accounting standards effective April 1, 2024, which may impact future segment disclosures and income tax reporting[13] - The company adopted ASU 2023-07 on April 1, 2024, which requires additional disclosures for reportable segment expenses[13]

Financial Data and Key Metrics Changes - For Q2 2024, net income was $160 million, slightly down from $162 million in Q1 2024, while adjusted EBITDA increased to $276 million from $275 million in Q1 2024 [11][12] - Total revenues, excluding pass-through revenues, increased by approximately $26 million, driven by higher throughput volumes [12] - The gross adjusted EBITDA margin for Q2 was maintained at approximately 80%, above the target of 75% [12] Business Line Data and Key Metrics Changes - In Q2 2024, throughput volumes averaged 419 million cubic feet per day for gas processing, 126,000 barrels of oil per day for crude terminaling, and 124,000 barrels of water per day for water gathering, with increases of approximately 7% and 8% for gas processing and oil terminaling, respectively, from Q1 2024 [5][6] - Gathering revenues increased by approximately $15 million, processing revenues by $9 million, and terminaling revenues by $2 million [12] Market Data and Key Metrics Changes - Hess Corporation's net production for the Bakken averaged 212,000 barrels of oil equivalent per day in Q2 2024, exceeding guidance of 195,000 to 200,000 barrels [6] - The company anticipates Bakken net production to be in the range of 200,000 to 205,000 barrels of oil equivalent per day in Q3 2024 [6] Company Strategy and Development Direction - The company is focused on executing operational priorities and delivering growth strategies to drive sustainable cash flow generation and potential capital returns to shareholders [8] - Capital expenditures for 2024 are expected to be between $250 million and $275 million, with a focus on supporting Hess and third-party development in the Bakken [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to meet gas processing capacity needs in line with upstream production growth, emphasizing a strong partnership with Hess [18] - The company expects continued growth in gas and oil volumes, supporting over 10% annualized growth in adjusted EBITDA through 2026 [15][16] Other Important Information - The company has returned $1.75 billion to shareholders through unit repurchases since 2021, reducing total unit count by nearly 25% [9] - The company expects to generate over $1.25 billion of financial flexibility through 2026 for incremental shareholder returns [10] Q&A Session Summary Question: Growth outlook beyond 2024 - Management believes they have sufficient processing capacity and are planning infrastructure to meet upstream needs [18] Question: Impact of long-haul NGL expansions in the Bakken - Management noted that additional processing capacity will be needed to support increased gas production and that they are looking for opportunities to capture third-party volumes [20] Question: Competitive environment in the Bakken - Management indicated that increased export capacity will create more competition but also more opportunities for third-party business [26] Question: Capital return strategy - Management confirmed that they will maintain a leverage target of around 3 times EBITDA while continuing to return capital to shareholders [41] Question: Discrepancy between throughput and EBITDA guidance - Management explained that while they expect flat volumes in Q3 due to planned maintenance, they anticipate higher revenues and lower operating costs in Q4 [31][33] Question: Trends in water volumes - Management highlighted strong growth in water volumes due to increased infrastructure investment and operational efficiency [36]

Exhibit 99.1 HESS MIDSTREAM LP HESS MIDSTREAM LP REPORTS ESTIMATED RESULTS FOR THE SECOND QUARTER OF 2024 Second Quarter 2024 Highlights: • Throughput volumes increased 17% for gas processing, 17% for oil terminaling and 43% for water gathering compared with the prior-year quarter, primarily due to higher production, higher gas capture and higher system utilization. • Net income was $160.3 million. Net cash provided by operating activities was $271.6 million. • Net income attributable to Hess Midstream LP w ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-39163 Hess Midstream LP (Exact name of Registrant as specified in its charter) DELAWARE 84-3211812 (State or other jurisdiction of incorporation or ...

Financial Performance - Net income for Q1 2024 was $161.9 million, compared to $142.2 million in Q1 2023, with net income attributable to Hess Midstream LP at $44.6 million, or $0.60 basic earnings per Class A share[2][5] - Adjusted EBITDA for Q1 2024 was $275.8 million, and Adjusted Free Cash Flow was $194.2 million[2][5] - Revenues and other income in Q1 2024 were $355.6 million, up $50.6 million from the prior-year quarter, primarily due to higher physical volumes[6] - Total revenues for Q1 2024 increased to $355.6 million, up from $305.0 million in Q1 2023, driven by growth in affiliate services[29] - Net income attributable to Hess Midstream LP for Q1 2024 was $44.6 million, compared to $20.7 million in Q1 2023[29] - Income from operations for Q1 2024 was $222.0 million, up from $188.7 million in Q1 2023[29] - Net income attributable to noncontrolling interest for Q1 2024 was $117.3 million, down from $121.5 million in Q1 2023[29] - Total revenues for Q4 2023 were $356.5 million, with affiliate services contributing $351.5 million and third-party services contributing $4.3 million[35] - Net income attributable to Hess Midstream LP for Q4 2023 was $37.5 million, with a significant loss of $26.9 million in the interest and other segment[35] Throughput Volumes - Throughput volumes increased by 16% for gas processing, 13% for oil terminaling, and 47% for water gathering compared to the prior-year quarter[5] - Water gathering volumes increased 47% in Q1 2024, reflecting higher crude oil production and increased utilization of infrastructure[9] - Gas gathering throughput is expected to be 415-425 MMcf per day, and crude oil gathering is expected to be 105-115 MBbl per day for 2024[13] - Gas gathering throughput in Q4 2023 was 403 Mcf of natural gas per day, slightly higher than the 347 Mcf in Q1 2023[37] - Crude oil gathering throughput in Q4 2023 was 108 bopd, compared to 93 bopd in Q1 2023[37] - Gas processing throughput in Q4 2023 was 387 Mcf of natural gas per day, up from 338 Mcf in Q1 2023[37] - Crude terminals throughput in Q4 2023 was 120 bopd, compared to 104 bopd in Q1 2023[37] - NGL loading throughput in Q4 2023 was 16 blpd, significantly higher than the 9 blpd in Q1 2023[37] - Water gathering throughput in Q4 2023 was 113 blpd, up from 79 blpd in Q1 2023[37] Capital Expenditures and Cash Flow - Capital expenditures for Q1 2024 totaled $35.2 million, primarily for gas compression capacity expansion, down from $57.3 million in the prior-year quarter[10] - Quarterly cash distribution increased to $0.6516 per Class A share for Q1 2024, a 2.7% increase compared to Q4 2023[12] - Hess Midstream completed a $100 million repurchase of Class B units of Hess Midstream Operations LP in March 2024[5] Guidance and Forecast - Hess Midstream reaffirmed its full-year 2024 guidance, targeting net income of $670-$720 million and Adjusted EBITDA of $1,125-$1,175 million[13] Revenue Breakdown - Affiliate services revenue in Q1 2024 was $349.4 million, up from $303.4 million in Q1 2023, reflecting strong performance in gathering, processing, and terminaling[29][32] - Gathering segment revenue for Q1 2024 was $186.6 million, up from $164.4 million in Q1 2023[32] Expenses - Operating and maintenance expenses for Q1 2024 increased to $78.1 million, compared to $62.5 million in Q1 2023[29] - Depreciation expense for Q1 2024 was $49.8 million, slightly higher than $47.4 million in Q1 2023[29] - Interest expense, net for Q1 2024 was $48.5 million, compared to $41.6 million in Q1 2023[29] - Operating and maintenance expenses for Q4 2023 totaled $88.0 million, with depreciation expense at $50.4 million[35] Equity Investments - Income from equity investments in Q4 2023 was $2.4 million, primarily from the terminaling and export segment[35] Share Information - Weighted average Class A shares outstanding (basic) for Q1 2024 increased to 75.1 million, up from 44.0 million in Q1 2023[29]

HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”), today announced the execution of a definitive agreement providing for the repurchase of approximately $100 million of Class B units by its subsidiary, Hess Midstream Operations LP, from affiliates of Hess Corporation and Global Infrastructure Partners, Hess Midstream’s sponsors (the “Sponsors”). The terms of the proposed unit repurchase transaction were unanimously approved by the Board of Directors of Hess Midstream’s general part ...

HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”), announced the filing of its annual report on Form 10-K for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission on February 29, 2024. A copy of the annual report is available on Hess Midstream’s website, www.hessmidstream.com, by selecting “Investors” and then “SEC Filings.” Shareholders may request printed copies of our annual report on Form 10-K, which includes Hess Midstream’s complete audited fin ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-39163 no Hess Midstream LP (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) ...

HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“HESM”) today announced the pricing of the previously announced underwritten public offering of an aggregate of 10,000,000 Class A shares representing limited partner interests in HESM by an affiliate of Global Infrastructure Partners (the “Selling Shareholder”), resulting in gross proceeds of $331 million, exclusive of any proceeds that may be received in connection with the exercise of the underwriter’s option to purchase additional shares. The Sel ...

HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“HESM”) today announced the commencement of an underwritten public offering of an aggregate of 10,000,000 Class A shares representing limited partner interests in HESM by an affiliate of Global Infrastructure Partners (the “Selling Shareholder”). The Selling Shareholder intends to grant the underwriters a 30-day option to purchase up to 1,500,000 additional Class A shares. HESM will not receive any proceeds from the sale of Class A shares in the offe ...